S-Oil has announced a reduction of 50 won per liter in its diesel supply price, joining the government and oil industry’s coexistence agreement initiative. This marks the third company to implement a discount, following SK Energy and Hyundai Oilbank, as the oil sector expands its cooperative measures.
According to industry sources on June 23, S-Oil will discount its diesel supply price by 50 won per liter for shipments from June 23 to June 30. This move is seen as a measure to alleviate the burden on essential drivers and to support the government's coexistence agreement.
On June 22, SK Energy announced it would temporarily reduce diesel prices by 50 won per liter at its gas stations until the end of the oil price cap. Hyundai Oilbank also stated it would actively participate in the coexistence agreement by offering a similar discount on diesel prices, which are primarily used by essential drivers.
With S-Oil now joining the discount initiative, three of the four major oil companies in South Korea—SK Energy, Hyundai Oilbank, and S-Oil—have decided to lower diesel supply prices. In contrast, GS Caltex has stated it is "reviewing follow-up measures to the coexistence agreement."
As S-Oil enters the discount program, GS Caltex is expected to face increased pressure to implement similar support measures, given that three of the four major oil companies have already committed to lowering diesel prices.
* This article has been translated by AI.
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